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Stamp duty in case senior citizen gifting Rs 10 lakhs to daughter
26-Oct-2023 (In Property Law)
A senior citizen wants to gift 10 lac amt to her daughter through registered gift deed.what could be the stamp duty and registration charges. Is there any concession made for senior citizens by gov. (Lady is a residing at mumbai sub and transferring sums not any property or land)
As per the Income Tax Act, 1961 if the value of gifts received is more than Rs. 50,000 a year, then such amount is taxed as income in the hands of the receiver. These gifts may be in any form – cash, jewellery, movable and immovable property, shares etc.
However, this rule is not applicable if your relatives present the gifts. the income tax rules specify relatives from whom tax free gifts can be received. These are:
Parents,Spouse,Your and your spouse’s brothers and sisters,Brothers and sisters of your parents, Your lineal descendants (including spouses),Lineal descendants (including spouses) of your spouse
However, this rule is not applicable if your relatives present the gifts. the income tax rules specify relatives from whom tax free gifts can be received. These are:
Parents,Spouse,Your and your spouse’s brothers and sisters,Brothers and sisters of your parents, Your lineal descendants (including spouses),Lineal descendants (including spouses) of your spouse
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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